WMC Employer Toolkit

Wisconsin Manufacturers & Commerce (WMC) – the combined state chamber, manufacturers’ association and safety council – released its COVID-19 Employer Toolkit on April 2 to further help employers navigate the difficult circumstances that the COVID-19 pandemic has created. This toolkit will help businesses by providing the latest and most relevant information, helpful resources and answers to some of the most frequently asked questions.

SBA Economic Injury Disaster Loan Assistance

The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19).

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications online.  Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit the SBA website.

SBA CARE Act Brief Guidelines

The Small Business Task Force unveils a $367B in Emergency Coronavirus Relief Package as part of the Keeping Workers Paid and Employed Act, Division A of the Coronavirus Aid, Relief and Economic Security Act, includes:

  • $367 billion in lending authority for SBA 7a loans.
  • 100% government guarantees on SBA relief loans made though 12/31/20.
  • Up to $10mm in loan size, calculated by taking the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the one-year period before the date on which the loan is made (except for seasonal employees, in which the payroll is based on the average total monthly payments for payroll from 3/1/19 through 6/30/19.

Loan proceeds are only for payroll support including medical leave, costs related to health benefits, employee salaries, mortgage payments, rent, utilities and any other debt payments incurred before the covered period. NO payments for 12 months! Typical SBA guarantee fees waived as well.

A portion (tbd) of the loan will be forgiven, in an amount equal to their payroll cost and costs related to debt obligations for the period from 3/1/20 – 6/30/20. The amount of the forgiveness will be reduced proportionately by the number of employees laid off during the time. It will also exclude employees making more than $100,000 annually from this forgiveness calculation. Lenders must verify payroll costs.

If a client has maxed out their current SBA eligibility at $5m, they can still apply for the CARE Act loan, since the SBA limit is being increased to $10m per business applicant. For more information and assistance with your application, please email Ralph Russell at Springboard Funding Partners, or call (262) 620-0373. SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process at (800) 659-2955.

SBA Webinars on Applying for Economic Injury Disaster Loans

This week, the Small Business Administration (SBA) will be offering webinars every day to help Wisconsin businesses prepare and apply for Economic Injury Disaster Loans. These webinars will be offered every day through this Friday, March 27, 2020 at 10am CDT and 2pm CDT.

Small Business 20/20 Program

WWBIC is the only local institution on the list. Only their current loan clients qualify.

WWBIC

All business and financial educational programming is on-line and on-demand. WWBIC is working with federal, state and local organizations, to support our many WWBIC borrowers, entrepreneurs and businesses in need of loan capital now!

  1. WWBIC loan clients affected by COVID-19 have loan modification options. They should contact Jaime Charon, Director of Portfolio Management and Loan Operations, or contact WWBIC Servicing for more information.
  2. For current and new small business clients, WWBIC is offering fast track loans up to $25,000! Contact Michael Hetzel, Director of Lending for more details.
  3. Don’t forget about KIVA! Kiva is now offering $15,000 loans statewide
    1. General information
    2. Business owners looking to borrow
    3. For a WWBIC endorsement or for assistance with this process, please send an email to WWBIC

IRS Resources & News

  • Filing season extension: The federal income tax filing due date is automatically extended  from April 15, 2020, to July 15, 2020. News releases in English & Spanish are attached and also on the special coronavirus page.
  • Payment extension: They have also updated the payment extension statement to July 15, 2020.
  • New business refundable credits: Small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to promptly and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees
  • Employee information: There are many issues related to COVID-19 affecting employees. Many of the questions they’re seeing come up are already answered on a special section of the Source.

Heartland Business Systems

Heartland Business Systems has vital resources to help businesses now:

  1. Gift Cards
  2. Online ordering and payment page
  3. Lines of credit funded within days

To learn more, email Kelly Burris at Heartland Business Systems or call (262) 412-9488.

Current Economic Resources for Businesses